Chesapeake Energy Corp Announces Closing Of Mississippi Lime Joint Venture With Sinopec International Petroleum Exploration and Production Corp

Chesapeake Energy Corp announced that it completed its previously announced Mississippi Lime joint venture with Sinopec International Petroleum Exploration and Production Corporation (Sinopec) on June 28, 2013. The company sold a 50% undivided interest in approximately 850,000 acres in northern Oklahoma for total consideration of $1.02 billion in cash, of which approximately 93% was received upon closing. Payment of the remaining proceeds is subject to customary post-closing contingencies. Jefferies & Company, Inc. served as financial advisor to Chesapeake on the joint venture.